According to Axel Rudolph, Senior Analyst at Commerzbank, the pair’s stance remains offered while below 0.9789.
“USD/CHF’s is back under pressure and nears the 61.8% Fibonacci retracement at .9524. Below it lie the February high at .9470 and the mid- and late March lows at .9434/25. Further down the 78.6% Fibonacci retracement can be spotted at .9376. Rallies should find initial resistance offered by the 200 day ma at .9735 and remain contained by the .9789 June low”.
“The market stays directly offered below .9789. Near term rallies will need to regain the .9856 28th June low in order to alleviate the downside bias which now prevails”.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.